Monday morning cattle market news from Cattle Current
(Monday, Oct. 14)
Except for some early sales in the North, negotiated cash fed cattle trade remained undeveloped through Friday afternoon, based on USDA reports. Early dressed sales in Nebraska were $2 higher than the previous week at $172/cwt. Early dressed sales also were trading for $172 in the western Corn Belt, but too few to trend. Live sales in the western Corn Belt were steady to $2 higher than the previous week at $109. Live sales were at $109-$110 in Nebraska, but too few to trend. Feeder Cattle futures closed mostly narrowly lower, while Live Cattle moved higher, helped along by stronger cash prices, the uptick in wholesale beef values and outside market support. Live Cattle futures closed an average of 70¢ higher. Except for 12¢ and 5¢ higher toward the front of the board, Feeder Cattle futures closed an average of 12¢ lower. Wholesale beef values were steady on Choice and higher on Select with moderate to fairly good demand and light offerings, according to the Agricultural Marketing Service. Choice boxed beef cutout value was 3¢ higher Friday afternoon at $215.66/cwt. Select was $2.02 higher at $188.68. Corn futures closed 14¢ to 17¢ higher through Jul '20 and then mostly 1¢ to 4¢ higher. Soybean futures closed 7¢ to 12¢ higher through Aug '20 and then mostly 1¢ to 2¢ higher.
For more daily cattle market updates, check out Wes Ishmael's newsletter and podcast at www.cattlecurrent.com